The Silent Attack on British Democracy? My Reflections from the Front Line of the CBDC Debate
As the co-founder, director, and Head of Mining and Energy at Bitcoin Policy UK, I've monitored the development of Central Bank Digital Currencies through countless panels and forums over the last 18 months.
Historically, my calls for a balanced debate on CBDCs were met with scepticism, often dismissed by both The Digital Pound Foundation and the Bank of England, which refused to engage.
However, a shift occurred recently. In July, the Digital Pound Foundation invited my co-founder and Head of Policy, Freddie New ( @npub1wl39...znlx ), to speak at one of their panels. Freddie brought fresh insights to the panel, including Chaumian eCash, emphasising the need for a balanced debate.
Our latest event, "CBDCs: The Silent Attack on British Democracy?" held at The Legatum Institute, brought these issues into sharper focus. David Rennie from the Digital Pound Foundation attended—an act of bravery given the room's unanimous scepticism towards CBDCs. Previously, we had been sidelined from such discussions by the Foundation.
David, while a proponent of CBDCs, shares many of our privacy concerns, acknowledging the issues of media manipulation and the commoditisation of personal data. His openness to our perspectives on privacy was refreshing, though I find it slightly naïve. Individuals like David are well-intentioned, even if influenced by centralised control.
David stressed that the UK's CBDC design is still under discussion. He values programmability and believes it is essential for addressing issues like money laundering. While we diverge on the necessity and potential overreach of CBDCs, finding common ground on many aspects, differing primarily in our faith in the governance systems, was reassuring.
Last night's event reinforced that meaningful dialogue is possible. We must recognise the nuanced positions of individuals like David, navigating complex issues with genuine intent for public good.
David supports a digital pound that is well-designed in terms of its technical, operational, and governance structures. Although I remain sceptical given the track record of other countries and the apparent lack of understanding from our institutions, it gave me hope to see his good intentions.
We will continue to advocate for a financial framework that respects individual liberties and addresses the risks of centralisation. The journey is long, but the dialogue at events like these ensures that all voices, however critical, are part of shaping the future of our financial systems.
CBDCs still concern me deeply, and I will do everything in my power to oppose them. It was reassuring to know there are well-intentioned people on the other side, however misguided.
Through all these discussions and conferences, one thing remains crystal clear to me: Bitcoin is inevitable, and I have no doubt it. None of the proposed solutions even come close to matching its potential. ⚡️
City AM
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